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Selling Your Dental Practice 101

By Spencer Wesley If you’re among the 77% of dentists who own their practices, this is a message for you. The day will come when you need to sell your practice, which by then will represent a valuable asset in your retirement portfolio. As a practice broker, we’ve facilitated hundreds of these transactions, and we’d like …

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Helping New Dentists Solve Money Problems and Build Satisfying Careers

By Susan Nevenhoven As an accountant at a dental CPA firm, I have a lot of clients who are new or recent graduates. Not surprisingly, they have lots of questions about money. On average dentists graduate with close to $300,000 in student loan debt, while those going into private practice can expect to earn $100,000 – …

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Dentists: The Advantages of Ownership Have Never Been Greater

This Spring, about 6,000 men and women will graduate from dental schools across the country. Most will sign on as associates in dental practices, but in a few years, they’ll face a big decision – whether or not they should buy their own practice. Owning a practice may not be for everyone but there are …

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It’s Not a Luxury to Work with a Dental CPA Firm – It’s Smart Business

There’s a popular belief that CPAs are a dime a dozen, so it doesn’t matter which firm you choose. Don’t believe it. For dentists who own their practices, it’s especially untrue. A dental CPA firm brings a wealth of industry knowledge and expertise to the table and can play a much bigger role in helping …

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The Importance of Beneficiary Designations

Check your beneficiary designations now, before disaster strikes. With the current super-generous federal estate tax exemption of $11.4 million, estate planning may be completely off your radar. After all, with that huge exemption, you may think there’s no way your estate would owe any federal estate tax if you happen to die—expectedly or unexpectedly. Is …

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Roth IRA After TCJA: The Backdoor Is Still Open

As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front, and then with the proper holding period, pay no taxes after that. Eligible individuals can now contribute a total of $6,000 ($7,000 catch-up for ages 50 and up) …

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Fixed for Dentists: Top 8 Financial Rules of Thumb

“Price is what you pay; Value is what you get.” – Warren Buffett Rules of thumb are cheap and easy. Up front, they cost you nothing. In the long run, they could cost you significant losses, bad purchases, too much spent or too little saved. We started the series stating a rule of thumb is …

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Broken Financial Rule of Thumb: Pay off credit card debt first, right?

“It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.” – Mohammad Ali Rule of Thumb: You should pay off high-interest rate credit cards first. Finally! A rule of thumb I could get behind for basically anyone who has a credit card! Well almost. We love debt when …

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Save 10% Per Year Rule of Thumb

“A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” – Colin Powell  Broken rule of thumb: You should save at least 10% of your take-home income for retirement. This rule sounds like the most reasonable and broadly applicable rule when you take it at face value. 10% sounds like a …

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Broken Rules of Thumb: The Life Insurance Lie

“A son can bear with equanimity the loss of his father, but the loss of his inheritance may drive him to despair.” – Niccolo Machiavelli Broken rule of thumb: Have at least 5x your income in life insurance. I’ve seen this rule of thumb vary significantly. One company lists 5-7x your annual income, another states life …

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